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Table of Contents
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Market Size of North America Heat Exchanger Industry
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Study Period
2020 - 2029
Base Year For Estimation
2023
Forecast Data Period
2024 - 2029
Historical Data Period
2020 - 2022
CAGR
2.00 %
Major Players
*Disclaimer: Major Players sorted in no particular order
North America Heat Exchanger Market Analysis
The North America heat exchanger market is expected to rise with a CAGR of over 2% during the forecast period of 2020-2025. Increasing industrial operations and urbanization in a developing country such as Mexico is expected to drive the North America heat exchanger market. However, an increase in renewable energy installation for clean energy, which rarely requires a heat exchanger, is expected to have a negative impact on the market.
The energy demand of North America is increasing continuously, so the power generation segment, which widely uses heat exchanger, is expected to see significant growth in the North America heat exchanger market.
An increase in the use of natural gas for energy generation by countries such as the United States and Mexico is likely to create several opportunities for the North America heat exchanger market in the future.
The United States, due to its large number of end-users industries that use heat exchangers such as oil-gas refineries and chemical plants, held a significant market share in 2018 and is likely to dominate the North America heat exchanger market.
North America Heat Exchanger Industry Segmentation
The North America heat exchanger market report include:
Construction Type Shell and Tube Plate Frame Other Construction Type
End-user Oil and Gas Industry Power Generation Chemical Food and Beverages Other End-user
Geography United States Canada Mexico
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North America Heat Exchanger Market Size Summary
The North America heat exchanger market is poised for growth, driven by increasing industrial activities and urbanization, particularly in Mexico. The demand for energy in the region is on the rise, with the power generation sector, which heavily relies on heat exchangers, expected to experience significant expansion. The shift towards natural gas for energy production in the United States and Mexico presents further opportunities for market growth. However, the growing installation of renewable energy sources, which typically require fewer heat exchangers, may pose challenges to market expansion. The United States, with its substantial number of end-user industries such as oil-gas refineries and chemical plants, holds a prominent position in the market and is anticipated to maintain its dominance.
The thermal power generation sector, which includes coal, natural gas, oil, and nuclear sources, is a major contributor to the demand for heat exchangers, as they are essential for cooling and heat exchange processes. Natural gas, in particular, has been a significant source of thermal power electricity generation. Notable projects, such as the Charles City combined cycle power plant in Virginia and the Norte III Power Plant in Mexico, highlight the ongoing need for large-capacity heat exchangers. Additionally, expansions in refineries, like the Beaumont refinery by Exxon Mobil, further underscore the demand for heat exchangers. The market is moderately fragmented, with key players including Alfa Laval AB, SPX Flow Inc, Danfoss AS, General Electric Company, and Kelvion Holding GmbH, all contributing to the competitive landscape.
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North America Heat Exchanger Market Size - Table of Contents
1. MARKET OVERVIEW
1.1 Introduction
1.2 Market Size and Demand Forecast in USD billion, till 2025
1.3 Recent Trends and Developments
1.4 Government Policies and Regulations
1.5 Market Dynamics
1.5.1 Drivers
1.5.1.1 Increasing Industrial Operations
1.5.2 Restraints
1.5.2.1 Advancement in Technology such as Photovoltic (PV)Cell
1.6 Supply Chain Analysis
1.7 Porter's Five Force Analysis
1.7.1 Bargaining Power of Suppliers
1.7.2 Bargaining Power of Consumers
1.7.3 Threat of New Entrants
1.7.4 Threat of Substitutes Products and Services
1.7.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
2.1 Construction Type
2.1.1 Shell and Tube
2.1.2 Plate Frame
2.1.3 Other Construction Type
2.2 End-user
2.2.1 Oil and Gas Industry
2.2.2 Power Generation
2.2.3 Chemical
2.2.4 Food and Beverages
2.2.5 Other End-user
2.3 Geography
2.3.1 United States
2.3.2 Canada
2.3.3 Mexico
North America Heat Exchanger Market Size FAQs
What is the current North America Heat Exchanger Market size?
The North America Heat Exchanger Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in North America Heat Exchanger Market?
Danfoss AS , General Electric Company, Alfa Laval AB, Kelvion Holding GmbH and SPX Flow Inc. are the major companies operating in the North America Heat Exchanger Market.
North America Heat Exchanger Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
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